The funding will be used to acquire a 19,600 sq ft site in Brislington, which will be converted from a commercial space into 56 private residential units.
The project is Cogress’s first venture with specialist builders Complete Property Development Ltd and is expected to take 24 months.
The development will feature studio and one-bedroom flats, which Cogress believes will be highly desirable for buyers given the affordable prices and proximity to central Bristol.
Cogress has a target gross development value for the project of £6.8m.
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“We are constantly striving to diversify our portfolio to bring our growing network of qualified investors the best investment opportunities across the UK,” said Tal Orly, founder and CEO of Cogress UK (pictured above).
“While the wider market endures uncertain times, we must be agile in adapting to investor demand for more affordable development opportunities outside London, like this property in Bristol.
“Our continually expanding portfolio reinforces the trust our qualified investors have in Cogress."
Cogress allows its network of over 5,000 qualified investors to become involved in projects with a minimum investment of £20,000.